[Please note that the views presented by individual contributors are not
necessarily representative of the views of ATCA, which is neutral. ATCA conducts
collective Socratic dialogue on global opportunities and threats.]

Dr George Feiger is President and CEO of of Contango Capital Advisors, based
in Berkeley, California. He brings to the firm a diverse background in the
banking, financial services and wealth-management industries. He is also Executive
Vice President of the firm's parent company, Zions Bancorporation listed on
Nasdaq and based in Salt Lake City, Utah. Prior to Contango, Dr Feiger served
in a number of senior positions in the financial services sector. He was a
Senior Advisor to the Monitor Group, Global Head of Onshore Private Banking
for UBS, Global Head of Investment Banking at SBC Warburg and was a Senior
Partner at McKinsey & Co during his time in Europe. He led the merger
integration of the corporate finance businesses of Swiss Bank Corp and SG
Warburg, and oversaw the consolidation of SBC Warburg's sales and trading
businesses. He was also a partner at Capco, a financial services consulting
firm. He holds a PhD in Economics from Harvard University and was an Associate
Professor of Finance at Stanford University's Graduate School of Business.
He has served as a director on several corporate boards and is a frequent
writer and speaker on a wide range of financial topics. He writes:

Dear DK and Colleagues

Re: Two Faces of the Same Coin

It is time to use other language than "contagion" and "systemic
risk." We are now experiencing the fruits of every liberal economist's
dreams in the global capital markets, which can be summarized in the good
news/bad news dichotomy beloved of late night television humorists. First,
some facts that we should recognize about world financial markets:

These are two sides of the same coin. You can't have one without the other.
It is Milton Friedman's "there's no such thing as a free lunch".
And of course Lord Keynes recognized this also in many places in his works
where he wrote about investors and speculators. And to repeat, there is no
way that regulators can police this system effectively. They can, of course,
prevent great depressions and hyper inflations but that is about it.

Welcome to the ride!

Regards

George

[ENDS]

We look forward to your further thoughts, observations and views. Thank
you.

Best wishes

For and on behalf of DK Matai, Chairman, Asymmetric Threats Contingency
Alliance (ATCA)

ATCA: The Asymmetric Threats Contingency
Alliance is a philanthropic expert initiative founded in 2001
to resolve complex global challenges through collective Socratic
dialogue and joint executive action to build a wisdom based global
economy. Adhering to the doctrine of non-violence, ATCA addresses
asymmetric threats and social opportunities arising from climate
chaos and the environment; radical poverty and microfinance; geo-politics
and energy; organised crime & extremism; advanced technologies
-- bio, info, nano, robo & AI; demographic skews and resource
shortages; pandemics; financial systems and systemic risk; as
well as transhumanism and ethics. Present membership of ATCA is
by invitation only and has over 5,000 distinguished members from
over 120 countries: including 1,000 Parliamentarians; 1,500 Chairmen
and CEOs of corporations; 1,000 Heads of NGOs; 750 Directors at
Academic Centres of Excellence; 500 Inventors and Original thinkers;
as well as 250 Editors-in-Chief of major media.

The views presented by individual contributors are not necessarily
representative of the views of ATCA, which is neutral. Please
do not forward or use the material circulated without permission
and full attribution.